He is the first ex-Potus or Potus I have ever heard mention the term, “derivatives”.
The dodgy mortgages had their origins in the Community Reinvestment Act of 1977. However, this Act was basically benign until 1994, when Andrew Cuomo, Clinton's Secretary of HUD, rewrote the regulations of the Act and quite literally forced lenders to make these mortgage loans or suffer all sorts of undesirable consequences.
Banks and mortgage lenders, not being total idiots and certainly not wanting to hold this crappy paper, squizzled up stacks of these rotten loans into big packages and sold them off as derivative instruments.
Net bottom line? The derivatives problem which instituted the real estate/liquidity bubble-then-crash was caused by none other than Clinton himself.
Yah, Blythe Billy, you shoulda ''regulated'' derivatives more closely.
Hypocritical jackass.